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Any advise on what we should do regarding Cap 1 account?


Colormepnk14
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My husband has a Capital One account, which is at $7500. We defaulted one payment (due to a medical reason), and it's now up to 25.9%. We can no longer afford the minimum payments. It's been past due since Aug '05.

We received a phone call from a man who has told us he's collecting for Capital One. We have never received a letter from any collection agency about this debt. We still get statements from Capital One. Anyway, we told him we can only afford $100 per month, and were told that's not acceptable, they need at least $300-$400 a month. He now calls once a day if I answer, or will leave a message on machine. He gets very rude on the phone. He's told me we need to figure a way to get the $300-$400 a month, even if that means selling anything we own, which is nothing really. He's even suggested we sell our cars (shich we do not own) and get cheaper ones. He's given me his name, but not of an agency.

I have read on different websites about sending a letter to Capital One asking them to stop charging interest and late fees, and also asking them to reduce the amount owed, and telling them we are going to send a certain amount each month, like a payment plan. I read if I do this, and send a check with the "first payment" amount and they cash it, it's like they are accepting this offer.

My husband is afraid they will sue us and garnish his wages. We live in Pa.

We appreciate any responses on what we can/should do.

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The next time that the person claiming to be collecting tell them that you will not pay anything without a statement from them. Then once you get a statement, send a DV letter to them CMRR. If they won't send you a statement then ask for an address to send a payment because you never pay anything over the phone. Then C&D that address CMRR. NEVER PAY A CA A DIME! It won't help your credit. Also try contacting crap1 and see if you can get on a hardship program.

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We checked his credit reports. We did find that a place called Encore Recieving Management has inquired on his credit report. I'm thinking this is the guy calling.

Have you ever known companies to take legal action to get their money?

So basically, I need to find a way to get the $250 they want a month?

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Wages are exempt from garnishment in PA, so that can't happen. If they sue and win, they can come after your bank accounts. If this is the only thing you have, try to work something out with the OC before it gets charged off. I would contact them and explain your harship, plus the fact that the CA has been unwilling to try and work with you.

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I read if I do this, and send a check with the "first payment" amount and they cash it, it's like they are accepting this offer.

Hogwash, pure and simple. There are only 2 states that I know of where restrictive endorsements like that are upheld by the law, anywhere else their useless.

You can ASK Crap1 to be put on a hardship program, but don't expect much. Even if they agree, these 'programs' are rarely good for more than 6 months, then you're back to square one.

You don't HAVE to send them all they're demanding, but if you don't the account will be charged-off for non or insufficient payment at 180 days, then it'll go to more 3rd party collectors. For that amount owed, they are likely to sue you.

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